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it obama says let's raise taxes instead. we're dealing with tens of trillions of dollars in unfunded liabilities, in four years obama has done nothing on entitlement reform. nothing for four years. what has he done? chirped about raising taxes on rich people. raising taxes on rich people is what obama talks about instead of doing his job. there are two costs to this. one, if you take money out of savings and investment, which is what you're doing with this, it doesn't help, it reduces the incentives to save, invest and work and the other thing you do is you never get to reform government entitlements. >> that's not causal. >> it is, absolutely. >> that's not really. >> you live in new york i live in d.c., washington, this is all causal. the reason he's talking about tax increases is to avoid the conversation and dealing with spending restraints. that's why obama does what he does. >> the reason i doubt that, grover, is because we've all done the math and we all absolutely agree on the math that you can't get out of the deficit hole we're in by taxing rich people even if you tax them
the potential deal they had been working on with president obama. >> republican strategist, frank luntz has been talking with voters, what is the chance you see this becomes the new compromise? >> i'm not sure if hooert side is watching very closely. we did a survey and we got two interesting questions. one that's very tough on republicans. we asked the american people who is the gop fighting for and representing, the number one answer, the rich the number two answer, big business, well back is number three hard-working taxpayers. by them fighting this on the most wealthy americans, they say once again the gop is standing up for the rich what the democrats don't understand is that the hostility towards how much washington end spends that this whole discussion of the last six weeks has been about raising taxes on the wealthy. >> let's say we get a deal and it's short-term spending cuts and people don't have someone to blame because we don't go over the cliff, but the markets don't like it the world economy doesn't like it and ultimately our currency becomes in jeopardy
christmas, congress and the white house will have to start to deal with what president obama called the real consequences of going over that fiscal cliff. >> nobody can get 100% of what they want. and this is not simply a contest between parties in terms of who looks good and who doesn't. there are real world consequences to what we do here. >> a short-term deal won't just focus on tax rates. the end of the payroll tax cut and the impact of the hike in the minimum tax on january 1st. over the weekend, we did hear from some republican moderates who say it may in fact be time to make some kind of a move. >> the president's statement is right, no one wants taxes to go up on the middle class. i don't want them to go up on anybody. but i'm not in the majority in the united states senate and he's the president of the united states. >> now the focus shifted to mitch mcconnell. the senate taking the lead on a compromise with democrats, and something that can get some support among house republicans. carl? >> hampton, thank you very much. hampton pearson in washington. >> the gift that keeps on givin
and jeff. president obama meets with the top congressional leaders. no deal can be reached impasse without their meeting. so far the fiscal talks have been when all four of these leaders have been present. >> whether he meant it or not, it seems exhaustive. >> i mean what's going on here? >> what indeed. president obama returned to the white house in a grim mood. he met with no congressional leaders and said nothing about his efforts to avert the fiscal cliff. talks continue between senior white house and congressional staff, but that's been true throughout then tire saga. with the deadline looming there were dire predictions. >> come the first of this year, americans will have less income than they have today. >> and rekrimm nations. >> now republicans have bent over backward. we've stepped way, way out of our comfort zone. we wanted an agreement, but we had no takers. >> the senate's top democrat said it has nothing to do with phone calls but house republican obstruction. >> thehouse of representatives is operating without the house of representatives. it's being operated with a dictator
. president obama cutting his trip to hawaii short to work a deal that could avoid the fiscal cliff in a few days. we'll break down what's at stake in "your money." >>> if you got fewer presents under the tree, you may be ready. spending numbers are coming in, and they're not pretty. >>> plus, new numbers for apple's ipad mini and more. that's coming up on "worldwide exchange." >>> good morning and welcome to a special edition of "worldwide exchange." i'm jackie deangelis along with seema mody. ross and kelly are off for boxing day. they'll be back tomorrow. >> that's right. >>> let's get a brief check on the markets this morning. energy and metals are trading at this hour on the nymex. you see crude oil up .6%. brent crude also up. and take a look t yellow metal, gold. down just fractionally. now u.s. futures will begin trading in about a half-hour. the cme globex has been closed for christmas and will reopen at 6:00 a.m. eastern time. that also goes for treasuries and the foreign exchange market. >>> as for the action in the overseas market, the youu.k. is closed for boxing day as are brit
thing the prospects of getting a deal after january 1 are significantly higher and that is for three reasons. first now president obama has all the leverage. after january 1st the leverage shifts to the gop. because president obama perfectly going over the fiscal cliff to blame republicans because he can't default on the debt. he will have to compromise between now and february. second of all the baseline gets reset if the tax cuts expire. everybody will propose a tax cut in january and right now we're fighting whether to increase taxes or not. you can see possibility of a deal seen as win-win for both sides. third, if republicans don't come up with a deal, a bad deal right now, they still have the $800 billion in revenue they put on the table from limiting deductions and loopholes that they can use to buy down rates. so i think the odds are, after january 1 we will get a deal and it will be much more favorable deal to the republican party because we'll have the leverage and president obama won't. heather: simon, basically what mark's laid out there would be more of a bunge jump over
. >>> the deadline to avoid the fiscal cliff is just a week ago. on fri, president obama said he still hoped to work out a deal to keep taxes for 98% of americans from going up on the first of january. but both sides aren't talking and congress is in recess until after christmas. republicans aren't holding out any hope for a deal. >> i would hope that we would have one last attempt here to do what everyone knows needs to be done, which is a larger plan that really does stabilize the debt and get us moving in the right direction. >> if we get down to the end of this year and the oil only choice we have is to save taxes going up on the middle class, then i would support that. but i wish we had a comprehensive bill that dealt with spending and entitlement altogether. >> i believe the president senses a victory at the bottom of the cliff. >> some finger pointing. other republicans are now looking past new year's day to the next battleground. >> i will raise the debt ceiling only if we save medicare and social security and prevent this country from becoming greece. no more borrowing without addressing wh
. chuck wants us to do a deal like obama care where you bring in both sides and you think about all the -- you know, all the ideas from the republicans, all the ideas -- and then you adopt a bipartisan plan. >> did you read "the wall street journal" over the weekends? >> i did. >> boehner says i've given you $800 billion. >> what did it remind you of? >> that's some caddie shack. where spalding walks up to the shack and said i want a cheese birg, milkshake and fries. and his grandfather says, you'll get nothing and you will like it. you know what it reminds me of? elections have consequences. i won. it's not a nice tack to the center where i'm going to govern for all of you. are you coming back? >> i'm going to. >> the jacket is coming off, though, right? >> christmas eve and i'm celebrating. as you know, we had the tree going this weekend with the lights on. >> that's so nice. there's one other thing i sought on that thing over the weekend that you brought us that i was going do -- oh,no. did you see mitt romney did not want to run? >> i saw that. that was in the boston globe. that
. the market doesn't seem to care. >> all the big deal, boehner and obama tried to do last year, still have to do that, simpson boles-type thing. >> by what the secretary of the treasury said yesterday. >> right. >> thank you for being here. >> bromance. a lot of fun. make sure you join us tomorrow. "squawk on the street" begins right now. >>> good thursday morning, welcome to "squawk on the street" live from the new york stock exchange, i'm carl kin ten nia with melissa lee, cramer and neighborer are off today but we are joined by dennis. good morning to you dennis, thanks for coming in. futures today, a lot to deal with as you probably know. the fiscal cliff headline watch continues. you just heard john kanas say the market not too concerned. futures up 21 points. decent data out of europe, we will talk about in a minute what a day for the asian markets again. also coming up. our road map begins at andrews air force base where the president arrives in a couple of hours, cutting his hawaiian vacation short to address the fiscal cliff s there really any hope in the last attempt? does the ma
turn, we're simply not going to see the democrats take them up on that because president obama since that letter has won the election and now we're looking at the possibility of a mini deal that would get enacted before january 1st but so far all we've heard are the sounds of silence in the negotiations. a senior white house official told me today when i asked was there any holiday season progress, back channel progress over the past couple of days, got a one-word reply, no. second, the democratic senate leadership says there's a 50/50 chance that we'd get a deal between now and january 1st, but they don't have any progress signs to point to in a tangible way. that's sort of a gut feeling that that will happen, and senate republican leadership aides said we haven't heard anything from the white house or senate democrats, so right now it's looking stalemated. there still is time for people to come back and pass a temporary kick the can kind of solution that would at least get us past january 1st for a month, two months, three months, but we've got to wait and see over the next couple
's working very well, at least today for the stock. thank you, nicole. well, president obama has always promised not to raise taxes on the middle class, but if he can't reach a deal with republicans in the next seven days, that's exactly what will happen and adam shapiro, i've got to tell you, looking at the numbers, if the president gets every penny from the so-called rich that he wants to get, that would still only be 1/8 of the money that he needs to balance the budget. >> in very simple terms, it's roughly 70 billion dollars is what it would raise, in a budget-- >> if the rates go up and another 20 billion, if you get rid of deductions, but he's increased spending 800 billion dollars a year. >> and to say that 70 to 80 billion in a budget that's 900 billion to a tral over budget. so doesn't add up. where does the other 930, 920 billion where is it going to come from? >> which is why, shibani, a lot of people say, maybe he wants to go over the fiscal cliff because he cares about maintaining that level of spending. he doesn't want to decrease spending, he wants to keep it where it is
boehner and barack obama and many people who know these two men feel perhaps they could have a deal. we think to the budget and debt ceiling debacle. neither john boehner and to some degree mitch mcconnell have the ability to go back to their caucuses and get them to rally behind a deal they make. has that changed or does this change as we get closer to the deadline? >> i think it will change closer to the deadline. it will require the leaders to talk to their caucuses and talk to these individual members of the senate and the house of representatives and understanding and underscoring the peril we place in the country at this moment in time and that we have to resolve these issues. american people should not count on a stalemate. we're here to do our jobs in washington and we're seeing this failure demonstrated time and again because of ideological and political and philosophical stubbornness. what about the entire country? what about the good of the country? that's what's at stake for america, and i think that members of congress individually and collectively are responsible and the l
rubeio. 51% for former florida governor jeb bush. president obama plans to submit gun control legislation to congress in 2013. that will deal with assault weapons specifically, as well as background checks on gun sales. as you might realize, it's spurred on by the school massacre in newtown, connecticut, killed 20 children and 6 adults. murdered his mother and killed himself. speaking yesterday on "meet the press," the president says something has to fundamentally change in this country. that newtown shootings cannot feel like what he called a routine episode. >> that was the worst day of my presidency, and it's not something that i want to see repeated. >> vice president joe biden is leading a task force that will submit legislative proposals to the president in january. >>> also, happy new year, new zealand. auckland. and the start of 2013 with the fireworks display from sky tower, tallest free standing structure in the southern hemisphere. >> and as auckland rings in the new year, preparation under way in times square. heart of new york city, coming up next. >> and more from washington
it is not all that rare. kelly? kelly: jamie, thanks. right now president obama is cutting his vacation short to head back to washington and jump-start the fiscal cliff negotiations with congress. talks fell apart before christmas. the deadline now is just days away and there is no deal in sight to avoid the tax hikes and spending cuts set to go into effect january 1st. our juan williams is a fox news political analyst and he joins us today and very quickly, juan, merry christmas to you. >> merry christmas, kelly. kelly: this is daunting task facing congress to avert the so-called fiscal cliff that will set into motion more than $600 billion in drastic and draconian allic tax hikes and spending cuts. that will cause a lot of pain for all americans and does congress have enough time to act on this? >> they do. you know it will be very close and it may in fact go beyond the deadline per se although people are thinking at the moment it is possible to get something done by the end of this week. the key here, kelly, is the senate. we have been so focused on the house, speaker boehner, plan. about,
. seinfeld. >> seinfeld. >> all right. president obama meets with top congressional leaders this afternoon with time running out to avoid the cliff. the house will be back in session on sunday to try to deal with the issue. we haven't had enough time, you know, two years. when is the last time we had a budget? >> harry reid was just -- wasn't he great yesterday talking about mitch mcconnell and the republicans? no budget. >> and more than 14,000 longshoremen could go on strike this weekend because of a contract dispute. a walkout would close cargo ports. some estimates say a strike could cost the economy $1 billion a day. which would add up. it would kind of counteract the 85 billion. but bernanke is doing 2 billion a day, right? >> more. >> 2.5, yeah. so that would take away -- we could easily rachet it up. unless the printing presses overheat at that point. let's check on the markets this morning. the futures were indicated lower based on angst. there it is worse. it was down 40 earlier, not out 62. they were down 150 at one point. came back down to 18. we're somewhere. >> between there.
. >> in 50 years, it's going to work out great. >> and military to deal with. >> if there's a theme to what we're saying, the united states has to play an active leadership role rather than passive leadership role. if the united states is passive and barack obama to a certain extent, represents democratic ideas na it should be more passive, this is the kind of world that results. i think places like egypt and syria were looking to the united states at least to have a presence in the transition, but we have not and we're seeing the results. >> paul: where do you think, other than -- where are the potential flash points in this coming year? >> liook, there are many. one of them, we don't talk about europe enough. the crisis in europe is going to get dramatically worse in portugal, spain, italy. there is dysfunction in the european union. that's one place to look. that's going to encourage russia to make moves of its own, you mentioned south africa. south africa is not going in a good direction, it's supposed to be the most optimistic spot on the african continent. so i don't see many bright s
or not all of our taxes go up. president obama and congressional leaders with trying to come up with this last-minute deal to avoid the so-called fiscal cliff, the massive tax increases and spending cuts to take place in four days. the president and vice president will be meeting with house speaker john boehner, minority leader nancy pelosi, senate majority leader harry reid, and minority leader mitch mcconnell. and watching all this, jessica yellin live at the white house. jess, what do we think is going to happen here? >> reporter: well, based on the expectations around town, the thought is the president and democrats will lay out an alternative, scaled-down proposal. and there will be discussions about what could be in the details of a proposal they could vote on, in theory, this weekend. the ideal outcome would be all the members agree to the terms of that deal. and then the two senators in the room agree that they can get their parties to bring it to a vote with no one filibustering it. and then on the house side, speaker boehner would agree that he will put it on the house
's in both sides' best interest to get this done. they want a two-year deal because no one wants to keep running on this stuff. and most importantly, to president obama, he has a state of the union and an inauguration speech to give. he wants to work on his legacy, not on this. >> so what -- you just said that the republicans really did just play right into the hands of the democrats. is that what you said? >> well, i think they fumbled the ball a little bit in their negotiations. i think, for example, even the optics of it, having president obama back in washington today, and having congress still out, is not the right message to end. people right now feel that the republicans are the party of no, that they are the ones causing this, they are going to get blamed. the fact of the matter is, is that they are doing the fiscal responsible thing here and that's where they can hang their hat. is that they have to hold on for deficit spending, and they still have the debt ceiling to hold in their back pocket if they need to. >> so what would, if you had been advising boehner, what would you ad
the use of drone strikes by the obama administration, look to see companies launching drone war at home for deals to build unmanned aircraft for domestic use. the faa says there could be 30,000 uavs in u.s. skies by 2020. the teal group says domestic drones could be worth $89 billion over ten years, as everyone from homeland security to tmz wants permission to use them. >>> let's get some more insight on the defense skprkt how to play it as the fiscal cliff deadline grows closer. howard rubel is with jeffries. great to speak with you. and i guess key to understanding the impact on these individual stocks, as jane had pointed out in her piece, is to understand which programs might be protected, even with budget cuts that the industry is facing. the f-35, for instance, is one that might be protected. walk us through. which ones had the most protected streams of revenue? >> frankly, many of them do at the moment, because the pentagon has been very busy signing production contracts to get under the wire of the sequester. >> so, for instance, the general dynamics deal that was selling to the
think a grand bargain is impossible at this point. but president obama coming back from vacation in hawaii. that's an indication that some kind of deal -- however small -- is definitely coming. i want to point out, and i know you've been negative on this mastercard data on retail sales, and everybody thinks it's going to be a mess for the holiday season. i want to point out that the stocks are not acting that way. that this is a disaster for the season. the s&p retail index hit an historic high on december 3rd. historic high. since then, it has only been down about 3%. these stocks are not acting like there's a disaster. i can give you several reasons why they're not down so far. number one, we are going to see eps growth in the fourth quarter from some of them because of the extra week that there is. number two, we've had much lower cotton costs this year. their overall costs are lower. that's helping their earnings. number three, inventory levels are much lower. and that's going to help their gross margins. number four, we had pretty good gdp numbers in q-3. number five, home p
Search Results 0 to 19 of about 20